Firms and Funds

HONG KONG (Reuters) – The private equity investment arm of China’s top brokerage, CITIC Securities, will postpone the launch of its first 6 billion yuan ($876.7 million) fund until the end of the first half of 2009, sources told Reuters on Wednesday, citing a shortfall in fundraising. Earlier this year, CITIC Securities won Chinese government […]

Yesterday peHUB reported that GE Antares would delay its rumored layoffs until the New Year. Today, we found out why. Thanks to a tip from my Buyouts colleague Ari Nathanson, it appears the mid-market lender and its parent company, GE Capital, plans to lay off members of its staff in one fell swoop in early January (we hear Jan. 8, to be exact). The initial layoff plan for GE Antares was to occur in two waves, with one taking place last Tuesday and one in January, multiple sources said. However, parent company GE is in the midst of changing its corporate severance policy to provide smaller packages for 2009 layoffs. The conglomerate's legal team told GE Capital to make all the cuts at once, to avoid discrepancies between the severance packages in the two waves of layoffs. Because GE Antares hasn't finalized its layoff list, the firm will have to lay off both groups in January, likely with the new, lower severance package, one source said.

NEW YORK (Reuters) – KKR Financial Holdings LLC’s (KFN.N) new chief executive said on Tuesday the company was reviewing its capital structure, business model and operating expenses as the market turbulence continues. William Sonneborn was appointed CEO on Monday of KKR Financial, a publicly traded debt fund managed by private equity firm Kohlberg Kravis Roberts […]

Morgan Keegan & Co. has acquired Burke Capital Group, an Atlanta-based investment bank focused on M&A and private capital advisory services to financial institutions in the Southeastern U.S.

Alternative Investment Merchant Banking (AIMB), a joint venture between Grisons Peak and IGS, has been launched to advise on M&A and restructuring deals for firms in the alternative assets industry facing a ‘Darwinian’ consolidation phase.   Grisons Peak, the financial services investment bank, and IGS Group, an alternative assets advisory business, are launching the 50:50 […]

William Sonneborn has joined Kohlberg Kravis Roberts & Co., as head of a new asset management division. He previously was president and chief operating officer of The TCW Group, and succeeds Santurino Fanlo and David Netjes, who are both leaving the firm.

Bear Growth Capital Partners has finally found a new home, nearly eight months after being orphaned by the collapse of Bear Stearns. Well, at least its portfolio companies have. peHUB has learned that CCMP Capital recently agreed to manage the legacy investments of Bear Growth Capital Partners, a mid-market group launched by Bear Stearns in 2003 to invest in companies valued at between $10 million and $100 million. No specific details of the transfer have been disclosed, although Bear Growth Capital senior managing director Joe Scharfenberger is now working out of CCMP’s offices and has a CCMP email. Fellow senior managing director Paul Lattanzio did not make the move, and sources say that most group members other than Scharfenberger have been laid off.

(Reuters) – Private equity firm 3i Group plans to sell its stakes in up to 70 companies to Chamonix Private Equity, the Daily Telegraph reported on Monday, without citing its sources. Chamonix specialises in buying portfolios of businesses from other private equity or hedge fund managers. Managing partners Jane Crawford and Chris Edge both previously […]

HONG KONG (Reuters) – HSBC Plc’s (HSBA.L: Quote, Profile, Research, Stock Buzz)(0005.HK: Quote, Profile, Research, Stock Buzz) Asian private equity arm said on Monday it completed fundraising for a $1.5 billion fund, securing the investment despite a difficult market. The UK-based lender said its HSBC Private Equity Fund 6 LP exceeded its target of $1.25 […]

LONDON (Reuters) – British private equity firm 3i Group Plc (III.L: Quote, Profile, Research, Stock Buzz) plans to sell its stakes in up to 70 companies to Chamonix Private Equity, the Daily Telegraph reported on Monday, without citing its sources. Chamonix specialises in buying portfolios of businesses from other private equity or hedge fund managers. […]